However, Patrick Flanagan if the 10k is everything you have to invest I wouldn't pull the trigger yet.

I'm about to pull the trigger on this please can I get some more feedback

Just do your due diligence before you pull the trigger on an older home; especially Pre HUD (built before June 15, 1976).

Corporations, LLC's, partnerships or other seller entities do not qualify for the one-property exclusion.

Taxes 3172they both have their own water and utilitiesSide 1 has not been renovated in 20 years so i would have to change the carpetside 2 has been renovated and should have no problem bring in the normal rent.The current going rent around the area on average is 850 with some renting around 900.Should i pull the trigger?

The partnership is currently offering 3% with a contingency fee based on performance.

Since you will have a partner, you and your partner will file a partnership tax return (Form 1065).  

I have read all of @Brandon Turner and J Scott´s books among listening to all of the BiggerPockets podcasts getting close to pulling the trigger on my first deal!

In Southern California a 7% loan isn't uncommon, but other places the lowest you could get is 15%.As for being a private lender, you could work off of JVs or partnership agreements or that kind of thing, but the cost to do a real hard money loan on your own where there is a lien recorded and get a lawyer to work up all the documents and everything would be cost prohibitive for a few loans.... that's what I meant

No single investor I work with has the capital to fund a project to develop new multi-family, but several are open to the idea of partnerships.